AFFORDABLE HOUSING SCHEMES: OVERCOMING HOMEOWNERSHIP PROBLEMS

Homeownership is a problem among younger working households (YWH). This is a more serious problem with YWH working in urban areas. New housing schemes introduced by the government show that measures are being taken. This paper aims to determine homeownership problems among YWH in order to assess the new housing schemes towards helping YWH. The questions arise are what are the homeownership problems among YWH and to what extent does YWH perceive the new housing schemes to help them. The objectives are to ascertain homeownership problems among YWH and to explore the perceptions of YWH on the new housing schemes introduced. The study was conducted qualitatively through in-depth interviews with YWH. The findings showed that the main homeownership problem highlighted by the YWH is housing prices are high in urban area which resulted to the location of affordable houses inconvenient. From the assessment, majority of the YWH agree with the new housing schemes. However there are weaknesses such as high land prices and absence of financial literacy. In conclusion, housing schemes should also consider financial education as part of their aims. Nevertheless, the introduction of housing schemes is beneficial to address homeownership problems among YWH.